Gabelli Funds LLC Boosts Stock Holdings in Shinhan Financial Group Co Ltd $SHG

Key Points

• Gabelli Funds LLC increased its shareholding in Shinhan Financial Group by 20.6%, owning 36,650 shares currently valued at approximately $1.18 million.
• Other institutional investors, such as Bessemer Group Inc. and Envestnet Asset Management Inc., also raised their stakes during the first quarter, indicating growing interest in the company.
• Shinhan Financial Group's stock has decreased by 1.7% recently, with analysts adjusting their rating from "buy" to "hold."

Gabelli Funds LLC increased its stake in shares of Shinhan Financial Group Co Ltd (NYSE:SHG - Free Report) by 20.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,650 shares of the bank's stock after buying an additional 6,250 shares during the quarter. Gabelli Funds LLC's holdings in Shinhan Financial Group were worth $1,176,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Northern Trust Corp raised its holdings in shares of Shinhan Financial Group by 249.2% during the 4th quarter. Northern Trust Corp now owns 1,445,120 shares of the bank's stock worth $47,516,000 after buying an additional 1,031,257 shares in the last quarter. Ranmore Fund Management Ltd acquired a new position in Shinhan Financial Group during the 1st quarter worth about $15,687,000. Millennium Management LLC bought a new stake in Shinhan Financial Group in the fourth quarter valued at approximately $7,600,000. Causeway Capital Management LLC increased its position in shares of Shinhan Financial Group by 56.6% during the first quarter. Causeway Capital Management LLC now owns 509,806 shares of the bank's stock worth $16,355,000 after buying an additional 184,167 shares during the period. Finally, D. E. Shaw & Co. Inc. acquired a new stake in Shinhan Financial Group during the 4th quarter worth about $5,830,000. 7.76% of the stock is owned by institutional investors.

Shinhan Financial Group Stock Performance

Shares of NYSE:SHG traded down $1.05 during midday trading on Thursday, reaching $46.74. The company had a trading volume of 114,377 shares, compared to its average volume of 224,164. Shinhan Financial Group Co Ltd has a 52-week low of $28.76 and a 52-week high of $52.00. The company's 50 day moving average price is $48.50 and its 200 day moving average price is $40.27. The stock has a market cap of $22.69 billion, a P/E ratio of 4.68, a P/E/G ratio of 0.51 and a beta of 0.96. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.48.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of Shinhan Financial Group from a "buy" rating to a "hold" rating in a report on Saturday, August 30th.

Shinhan Financial Group Profile

Shinhan Financial Group Co, Ltd. provides financial products and services in South Korea and internationally. The company operates through six segments: Banking, Credit Card, Securities, Insurance, Credit, and Others. It offers retail banking services, including demand, savings, and fixed deposit-taking; checking accounts; mortgage and home equity, and retail lending; electronic banking and automatic teller machines (ATM); and bill paying, payroll and check-cashing, currency exchange, and wire fund transfer services.